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Client onboarding for wealth management firms

Taking a strategic approach to client onboarding: Getting it right from the start.

OVERVIEW

Firms providing wealth management services know that getting the client onboarding experience right over the first 90 to 120 days of the relationship is essential. Performed properly, onboarding helps set the foundation for a deeper, more profitable long-term relationship.

Onboarding has been characterized by repetitive data entry and extensive paperwork, making it an unpleasant chore for financial advisors and their support teams. Accenture believes a strategic approach to onboarding can reduce administrative tasks and help advisors gather insights, understand client needs, and deliver a differentiated experience to new clients.

To accomplish this, firms need to evaluate the current client experience, the mechanics of the onboarding process, and how onboarding is organized and governed. They should examine how information and insights are collected and managed, and whether innovative technologies such as analytics are being put to their best use.

Our new report reviews the importance of onboarding and some approaches to improving the process and gaining valuable insights from the information collected.